Today is National Day Rally where Prime Minister Lee announced the Majulah Package. For those who does not know what is National Day Rally, it is an annual message delivered by our Prime Minister Lee Hsien Loong to the entire nation of Singapore. This is usually held on the first or second Sunday after our National Day Parade on 9th August.
This year, the Majulah Package was announced where a package of S$7 billion will help lower and middle income Singaporeans aged 50 and above this year in terms of boosting their retirement savings.
Below are the details:
Earn and Save Bonus
For eligible lower and middle income senior workers who are working part time or full time, they will get extra CPF funds of up to S$1,000 a year. The extra CPF funds will be credited to their CPF accounts on top of the usual employer and employee contributions.
One-time Retirement Savings Bonus
This is good news for those who have not met the CPF Basic Retirement Sum. You will receive a one-time CPF bonus of up to S$1,500. Here are the retirement sums that are applicable to members who turn 55 in 2023.
|55th birthday in the year of||Basic Retirement Sum (BRS)||Full Retirement Sum (FRS)
2 x BRS
One-time MediSave Bonus
The last element of this package is that aged 50 and above will get a one-time MediSave Bonus of $1,000.
Please read up more in details about the National Day Rally 2023 from CPF here.